Main navigation

SHIB Flips SOL by Market Cap, Solana Projects Likely to Move to Ethereum: Crypto Expert

Tue, 12/27/2022 - 12:39
article image
Yuri Molchan
Popular crypto blogger believes that projects are likely to begin moving off Solana chain
SHIB Flips SOL by Market Cap, Solana Projects Likely to Move to Ethereum: Crypto Expert
Cover image via

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

Ivan on Tech, a popular crypto blogger, has taken to Twitter to share that SOL has sunk below Tron (TRX) and Shiba Inu meme coin (SHIB) in terms of market capitalization. He likened Solana, which has been in trouble recently, to EOS 2.0.

SHIB flips SOL by market cap size

According to popular crypto reference platform CoinMarketCap which belongs to Binance, Solana is now holding 16th position on the top 20 list of cryptos. Shiba Inu is one spot higher, holding 15th place, and Tron's TRX sits in 14th place.

The market caps of SHIB and SOL are equal to $4,555,045,988 and $4,094,003,759, respectively. There is a big difference between their trading volumes as well, though here SOL remains ahead of the second largest meme coin — $136,686,958 for SOL versus $56,214,086 for SHIB.

Image via CoinMarketCap

Ivan believes that projects that are building on Solana are now going to leave it for EVM L2s, comparing SOL to EOS 2.0.

Shib Army's VIP Social Network Launched, Users Are Joining It

Bad news about Solana

Earlier, Eric Wall, Swedish crypto researcher, tweeted that the total amount of value locked in Solana had shrunk from $12 billion to under $400 million within the past year. Now, the TVL on this chain stands at $215 million.

Ben Armstrong, crypto blogger also known as BitBoy, commented on that, referring to Solana as "The Little Engine that Couldn't." He also shared that two major NFT projects are leaving the platform and launched a poll for his followers, asking whether they think Solana is dead or not.

Prominent investor Mike Alfred yesterday likened SOL to Santa Claus. He stated that while some children still believe in the former, some adults keep believing in SOL.

Solana received a major blow after the collapse of the FTX crypto exchange. Since that event, which occurred in early November, the SOL price dropped by over 50%. Founder of FTX Sam Bankman-Fried was a big supporter of Solana and had invested in it heavily via his multiple ventures.

His trading company, Alameda Research, whose bankruptcy triggered the crash of FTX, bought a whopping $1.2 billion worth of SOL, and it also held $1.15 billion in this token.

At the time of this writing, SOL is trading at $11.5, dropping by nearly 10% in the past 10 days.

article image
About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at